The FCA has released MW 65 with specific guidance on Transaction Reporting again!
TRANSACTION REPORTING: DATA QUALITY ISSUES
“Transaction reports remain a fundamental part of our work to prevent, detect and investigate market abuse.“
“Our close supervisory oversight of the transaction reporting regime has led us to identify data quality issues;
Control Now covers all aspects of the FCA commentary.
TRANSACTION REPORTING: SYSTEMS & CONTROLS
“We expect firms to review their transaction reports to verify their completeness and accuracy.”
“Firms they should not assume a transaction report was accurate because it was accepted by the FCA. This is because our validation rules are not intended to identify all potential errors and omissions."
“We remind investment firms that reconciling their transaction reports with front office records is a requirement in Article 15(3) of RTS 22.”
“We are encouraged by the number of data extract requests being made by firms for the purposes of reconciling their transaction reports with front office records.”
Control Now, founded in 2017, is a provider of transaction reporting assurance software tools to empower market participants to perform oversight of their regulatory reporting processes.